RBI on Acquisition and Transfer of Immovable Property
Pursuant to the Reserve Bank of India’s (“RBI”) March 26, 2018 notification wherein the RBI laid down regulations for the acquisition and transfer of immovable property under the Foreign Exchange and Management Act, 1999 (“FEMA”); the RBI updated its Master Directions on the Acquisition and Transfer of Immovable Property.
MCA Amends Act & Rules Regarding Share Certificates
The Ministry of Corporate Affairs (“MCA”) amended the Companies Act, 2013 and the Companies (Share Capital and Debenture) Rules, 2014 to reflect a change in the requirement of affixing of signatures to share certificates. The amended provisions mandate that every certificate shall specify the shares to which it relates, the amount paid-up thereon and shall be signed by two directors or by a director and the company secretary, wherever the company has appointed a company secretary: Provided that in case the company has a common seal it shall be affixed in the presence of the persons required to sign the certificate.
MCA Revises e-Forms
The MCA has notified on its website that e-forms CHG-1 (Application for registration of creation, modification of charge, other than those related to debentures) and MGT-7 (Annual Return) will be revised and available in new formats with effect from April 13, 2018.